Poland's central bank keeps its reference rate at 3.75% as inflation slows to 3.5%

The decision in figures

• Reference rate: 3.75%, unchanged.
• Lombard rate: 4.25%; deposit rate: 3.25%.
• CPI inflation in October: 3.5% y/y, down from 4.1% in September (flash estimate).
• GDP growth slowed in Q3 2026, according to available data.

The decision was announced in an NBP press release on 4 November. In its statement after the meeting, the Council said inflation fell mainly because fuel was cheaper than in September. It also said wage growth in the enterprise sector stayed close to the first-half level, while employment kept falling.

What comes next

The Council said further decisions will depend on incoming data on inflation and activity. It named global commodity prices, fiscal policy, energy price regulation and wage growth as risks to the inflation outlook.

Why it matters for buyers

For borrowers with floating-rate mortgages, an unchanged NBP rate means monthly payments are unlikely to change much in the near term. Buyers waiting for cheaper credit should not count on a quick cut: the Council links its next steps to new data. For supply trends, see our report on Polish housing completions.